External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We maintain our target price of W400,000 on Samsung Electronics (SEC) and believe now is an opportune time to increase exposure.</li><li>DRAM shipments slightly exceeded expectations in 3Q26, and we estimate that quarterly memory revenue surpassed US$100bn—a first for the semiconductor industry.</li><li>We raise our operating profit forecasts for 3Q26, 4Q26, and 2027 to W109tr, W119tr, and W543tr, respectively (from W106tr, W118tr, and W536tr). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our target price of W400,000 on Samsung Electronics (SEC) and believe now is an opportune time to increase exposure.DRAM shipments slightly exceeded expectations in 3Q26, and we estimate that quarterly memory revenue surpassed US$100bn—a first for the semiconductor industry.We raise our operating profit forecasts for 3Q26, 4Q26, and 2027 to W109tr, W119tr, and W543tr, respectively (from W106tr, W118tr, and W536tr). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS) Quarterly Memory Revenue Likely Exceeds US$100bn

Thematic (Sector/Industry)

<ul><li>Strong AI demand remains the key driver supporting global equities.</li><li>US hyperscalers continue to commit substantial capex despite rising interest rates.</li><li>We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong AI demand remains the key driver supporting global equities.US hyperscalers continue to commit substantial capex despite rising interest rates.We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>We raise our target price for Samsung Electronics (SEC) by 8.1% to W400,000 (from W370,000).</li><li>While we revised up our DRAM ASP growth forecasts by 4.8%p for 2026 and 0.3%p for 2027, we lowered our operating profit estimates by 5.7% and 4.2%, respectively, reflecting a stronger won (USD/KRW rate assumption lowered from 1,553 to 1,400).</li><li>Meanwhile, with the current quarter entering its final month, our 12-month forward valuation now incorporates earnings through 3Q27 (vs. 2Q27 previously).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price for Samsung Electronics (SEC) by 8.1% to W400,000 (from W370,000).While we revised up our DRAM ASP growth forecasts by 4.8%p for 2026 and 0.3%p for 2027, we lowered our operating profit estimates by 5.7% and 4.2%, respectively, reflecting a stronger won (USD/KRW rate assumption lowered from 1,553 to 1,400).Meanwhile, with the current quarter entering its final month, our 12-month forward valuation now incorporates earnings through 3Q27 (vs. 2Q27 previously).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS/Buy)HBM to Offset Macro Comcerms

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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<ul><li>1) Commodity memory: 2026 DRAM and NAND ASPs are projected to rise 154% and 89% YoY, respectively.</li><li>Backed by its premier capacity, we expect the company to unlock powerful earnings leverage.</li><li>2) HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed edge to drive ASP upside.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1) Commodity memory: 2026 DRAM and NAND ASPs are projected to rise 154% and 89% YoY, respectively.Backed by its premier capacity, we expect the company to unlock powerful earnings leverage.2) HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed edge to drive ASP upside.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS) - Feb 23, 2026

<ul><li>We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC).</li><li>Despite an unprecedented level of shareholder returns, the stock has come under excessive pressure amid macro uncertainty.</li><li>Valuation has fallen back to pre-AI-boom levels, with the stock trading at a 12-month forward P/B of 1.7x and P/E of 4.3x.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC).Despite an unprecedented level of shareholder returns, the stock has come under excessive pressure amid macro uncertainty.Valuation has fallen back to pre-AI-boom levels, with the stock trading at a 12-month forward P/B of 1.7x and P/E of 4.3x.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS/Buy)Stay Focused Amid Heightened Concerns

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)